document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1090432>Question 1090432</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Kelly invests $3000 in an account that earns 12% interest per year. Find the amount due at the end of 5 years if the sum is compounded daily </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #704861 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=704861\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Kelly invests $3000 in an account that earns 12% interest per year. Find the amount due at the end of 5 years if the sum is compounded daily<BR>\n" );
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document.write( "I'll do monthly compounding.<BR>\n" );
document.write( "5 years = 60 months<BR>\n" );
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document.write( "12%/year = 1%/month<BR>\n" );
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document.write( "FV = PV*(1 + 0.01)^60<BR>\n" );
document.write( "FV = 3000*1.01^60<BR>\n" );
document.write( "FV = 5450.09<BR>\n" );
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document.write( "You do the daily compounding.<BR>\n" );
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